The pendulum has swung, and now it's the tenants that have the upper hand in several office markets, commercial real estate experts agree. Slowing job growth, a tech wreck led by the dot-coms, a stagnant stock market and general economic uncertainty have combined to give tenants leverage in negotiations.

But while rental rates are dropping and bargain hunters are eager to swoop in, the sky is not falling for owners with properties in prime locations, reassured Bruce Mosler, president of U.S. operations for New York-based Cushman & Wakefield. “Like every other business line, there is clearly a slowdown in velocity,” said Mosler, referring to investment sales. “I think that for prime property, the spreads between the bid and the ask [price] is not as great. There is still substantial capital out there that is looking to invest.”

The secondary and tertiary markets are a different story, however, according to Mosler. “I think you will begin to see opportunities there because the rental falloff will be more substantial in the secondary and tertiary markets.,” he said. Rental values had grown to unrealistic levels in those markets, Mosler added, and a return to realistic values will fuel opportunities for buyers.

Winds of change

In Chicago, six office projects totaling 4.5 million sq. ft. are under construction in the central business district (CBD). Three of the projects, or about 2.2 million sq. ft., are expected to come on line this year. Yet the city has experienced a 75% increase in sublease space across all submarkets since year-end 2000. The overall vacancy rate in the second quarter crept up to 10.2% from 10% in the first quarter, according to a market trend report compiled by Cushman & Wakefield.

Additionally, rental rates have softened in the Chicago CBD. The overall rental rate is down 1.5% from $27.20 in the first quarter to the $26.80 in the second quarter. The obvious question is whether there will be sufficient demand for all the space that's coming on line in the near term. Cushman & Wakefield reports that despite the increase in sublease space, which now totals 2.6 million sq. ft., the direct vacancy rate remains tight in the Chicago CBD, particularly for Class-A space.

In many ways, Chicago's office statistics mirror the national marketplace. In a newsletter titled “Office Market Trends” published earlier this summer, Northbrook, Ill.-based Grubb & Ellis reported that the vacancy rate nationally rose above 10% in the first quarter, a statistic that actually indicates a balanced office market. However, net absorption totaled negative 7.4 million sq. ft. Sublease space soared by 34%, ending the first quarter above 61 million sq. ft. Asking rents declined by 1.1% for Class-A space and 1.3% for Class-B space, and landlord concessions are beginning to appear, according to Grubb & Ellis.

The amount of competitive space under construction nationally at the end of the first quarter totaled 114 million sq. ft., down from nearly 125 million sq. ft. in the third quarter of 2000. “But the level of construction isn't coming down fast enough to make up for the plunge in new demand,” according to Grubb & Ellis. “Indeed, with first quarter absorption in the red, the vacancy rate would have risen without any new supply delivered to the market.”

Job growth is the fuel that drives commercial real estate. However, the loss of 223,000 jobs in April was the steepest decline since 1983, according to Grubb & Ellis, which warned that the market will struggle with a flood of sublease space if the layoffs continue.

Mosler acknowledges that as companies re-evaluate their space needs and operate in a “lean and mean” mode, significant sublet space is returning to the marketplace in several 24/7 cities. “The interesting thing is that we haven't seen it impact a market or throw it out of equilibrium at this point,” explained Mosler, “which might have happened in the early 1990s when we saw some of the major institutions dump space and cut employment significantly.”

The freeze pattern currently gripping Corporate America is not permanent, stated Mosler, who anticipates a sharp turnaround. “At some point people are going to say, ‘The opportunities out there are too great from a corporate perspective in terms of an acquisition or growth in some way, shape or form. We're going to have to move forward.’”

Top 25 Office Owners

What follows are two office surveys: the first list includes the top 25 owners, and the second survey includes the top 25 developers. Survey rankings were based on totals provided by the participating companies and listed in square feet. Owners were asked to record the amount of square feet in their portfolios as of Dec. 31, 2000, while developers were asked to provide their volume of activity for the calendar year, including completed development and new construction.

  1. Equity Office Properties Trust
    Two N. Riverside Plaza
    Chicago, IL 60606
    Phone: (312) 466-3300
    Fax: (312) 454-0332
    Web site: www.equityoffice.com
    Officers:
    Tim Callahan, President/CEO; Richard Kincaid, Exec. VP/CFO; Stan Stevens, Exec. VP/Chief Legal Counsel; Sybil Ellis, Exec. VP, Real Estate Investments; Dave Naws, Exec. VP, Real Estate Investments; David Helfand, Exec. VP, Business Development
    Total Office Portfolio: 99 million sq. ft.

  2. Hines
    2800 Post Oak Blvd.
    Houston, TX 77056-6118
    Phone: (713) 621-8000
    Fax: (713) 966-2053
    Web site: www.hines.com
    Officers:
    Gerald D. Hines, Chairman; Jeffrey C. Hines, President; Louis S. Sklar, Exec. VP; Kenneth W. Hubbard, Exec. VP; C. Kevin Shannahan, Exec. VP; E. Staman Ogilvie, Exec. VP; James C. Buie, Exec. VP; Michael J.G. Topham, Exec. VP; C. Hastings Johnson, Exec. VP/CFO; John A. Harris, Exec. VP; Clayton T. Stone, Exec. VP; Charles Baughn, Exec. VP
    Total Office Portfolio: 42.5 million sq. ft.

  3. Mack-Cali Realty Corp.
    11 Commerce Dr.
    Cranford, NJ 07016
    Phone: (908) 272-8000
    Fax: (908) 272-6755
    E-mail: mack-cali@mack-cali.com
    Web site: www.mack-cali.com
    Officers:
    Mitchell E. Hersh, CEO; Timothy Jones, President; Barry Lefkowitz, Exec. VP/CFO; Roger Thomas, Exec. VP/General Counsel/Secretary; Michael Grossman, Exec. VP
    Total Office Portfolio: 27.8 million sq. ft.

  4. Clarion Partners
    335 Madison Ave.
    New York, NY 10017
    Phone: (212) 883-2500
    Fax: (212) 883-2700
    E-mail: surname@clarionp.com
    Web site: www.clarionp.com
    Officers:
    Stephen J. Furnary, Managing Director; Charles Grossman, Managing Director; Frank L. Sullivan Jr., Managing Director; John A. Weisz, Managing Director; A. Wilhelm Veenhuysen, Managing Director
    Total Office Portfolio: 26.6 million sq. ft.

  5. Duke Realty Corp.
    600 East 96th St., Suite 100
    Indianapolis, IN 46240
    Phone: (317) 808-6000
    Fax: (317) 808-6794
    E-mail: webmaster@dukerealty.com
    Web site: www.dukerealty.com
    Officers:
    Thomas L. Hefner, Chairman/CEO; Richard W. Horn, President; Robert M. Chapman, Exec. VP, Southern Region; William E. Linville III, Exec. VP, Midwest Region; Darell E. Zink Jr., Exec. VP/CFO
    Total Office Portfolio: 24.4 million sq. ft.

  6. CarrAmerica Realty Corp.
    1850 K St. NW, Suite 500
    Washington, DC 20006
    Phone: (202) 729-7500
    Fax: (202) 729-1150
    Web site: www.carramerica.com
    Officers:
    Thomas A. Carr, Chairman/CEO/President; Philip L. Hawkins, COO; Richard F. Katchuk, CFO; Karen B. Dorigan, Chief Investment Officer; Joel A. Manfredo, Chief Technology Officer
    Total Office Portfolio: 24 million sq. ft.

  7. Archon Group LP
    600 E. Las Colinas Blvd., Suite 400
    Irving, TX 75039
    Phone: (972) 368-2200
    Fax: (972) 368-2699
    E-mail: woody.mcminn@archongroup.com
    Web site: www.archongroup.com
    Officers:
    Jim Lozier, President; Brian Ainsworth, Sr. VP; Ken Murphy, Sr. VP; Will Mundinger, Sr. VP; Richard Frapart, Sr. VP
    Total Office Portfolio: 21 million sq. ft.

  8. CB Richard Ellis Investors LLC
    865 S. Figueroa St., Suite 3500
    Los Angeles, CA 90017
    Phone: (213) 683-4200
    Fax: (213) 683-4201
    Web site: www.cbrichardellis.com
    Officers:
    Robert H. Zerbst, President; William M. Harris, COO; Vance G. Maddocks, Exec. Managing Director; Scott E. Tracy, Exec. Managing Director; Richard A. Magnuson, Exec. Managing Director; Richard I. Pink, Exec. Managing Director
    Total Office Portfolio: 19.2 million sq. ft.

  9. Arden Realty Inc.
    11601 Wilshire Blvd., 4th Floor
    Los Angeles, CA 91325
    Phone: (310) 966-2600
    Fax: (310) 966-2699
    E-mail: blaute@ardenrealty.com
    Web site: www.ardenrealty.com
    Officers:
    Richard S. Ziman, Chairman/CEO; Victor J. Coleman, President/COO; Andrew J. Sobel, Exec. VP, Strategic Planning & Operations; Daniel S. Bothe, Co-CFO; Richard S. Davis, Co-CFO/Treasurer
    Total Office Portfolio: 18.7 million sq. ft.

  10. Shorenstein Co. LP
    555 California St., Suite 4900
    San Francisco, CA 94104
    Phone: (415) 772-7000
    Fax: (415) 398-6682
    E-mail: info@shorenstein.com
    Web site: www.shorenstein.com
    Officers:
    Douglas W. Shorenstein, Chairman/CEO; Glenn A. Shannon, President; John S. Grassi, Managing Director/CIO; Richard A. Chicotel, Managing Director/CFO; Stanley E. Roualdes, Managing Director of Property Mgmt. & Construction
    Total Office Portfolio: 18 million sq. ft.

  11. RREEF
    875 N. Michigan Ave., 41st Floor
    Chicago, IL 60611
    Phone: (312) 266-9300
    Fax: (312) 266-9346
    Web site: www.rreef.com
    Officers:
    Donald A. King Jr., Managing Principal; Stephen M. Steppe, Principal in Charge, Client Relations; Charles B. Leitner, Principal in Charge, Acquisitions; Michael J. Robillard, Principal in Charge, Property Management; Robert J. Cook, Principal in Charge, Portfolio Management
    Total Office Portfolio: 16.2 million sq. ft.

  12. Prentiss Properties Trust
    3890 W. Northwest Hwy., 4th Floor
    Dallas, TX 75220
    Phone: (214) 654-0886
    Fax: (214) 350-2437
    Web site: www.prentissproperties.com
    Officers:
    Mike Prentiss, Chairman; Tom August, President/CEO; Dennis DuBois, Exec. VP; Larry Krueger, Exec. VP; Bob Wiberg, Exec. VP
    Total Office Portfolio: 15.5 million sq. ft.

  13. Liberty Property Trust
    65 Valley Stream Pkwy.
    Malvern, PA 19355
    Phone: (610) 648-1700
    Fax: (610) 644-4129
    Web site: www.libertyproperty.com
    Officers:
    Willard G. Rouse III, President/CEO/Chairman; Robert E. Fenza, COO; George J. Alburger, CFO; William P. Hankowsky, Chief Investment Officer
    Total Office Portfolio: 15.4 million sq. ft.

  14. Charles E. Smith Commercial Realty
    2345 Crystal Dr.
    Arlington, VA 22202
    Phone: (703) 920-8500
    Fax: (703) 486-7471
    Web site: www.charlesesmith.com
    Officers:
    Robert H. Smith, Co-Chairman; Robert P. Kogod, Co-Chairman; Brent Bitz, Exec. VP, Management Services; Kenneth McVearry, Exec. VP, Real Estate Services; Paul Larner, Exec. VP/CFO; Al Neely, President, Development
    Total Office Portfolio: 15.1 million sq. ft.

  15. Reckson Associates Realty Corp.
    225 Broadhollow Rd.
    Melville, NY 11747
    Phone: (631) 694-6900
    Fax: (631) 622-6790
    Web site: www.reckson.com
    Officers:
    Donald Rechler, Chairman/Co-CEO; Scott Rechler, Co-CEO; Michael Maturo, CFO/Exec. VP/Treasurer; Gregg Rechler, Co-President/COO; Mitchell Rechler, Co-President/Chief Administrative Officer
    Total Office Portfolio: 14.4 million sq. ft.

  16. Gale & Wentworth LLC
    200 Campus Dr., Suite 200
    Florham Park, NJ 07932
    Phone: (973) 301-9500
    Fax: (973) 301-9501
    Web site: www.galewent.com
    Officers:
    Stanley C. Gale, Chairman/CEO; Mark Yeager, President; Kathleen Wielkopolski, CFO/COO; Eugene R. Diaz, Chief Investment Officer
    Total Office Portfolio: 14 million sq. ft.

  17. Brandywine Realty Trust
    14 Campus Blvd., Suite 100
    Newtown Square, PA 19073
    Phone: (610) 325-5600
    Fax: (610) 325-5682
    Web site: www.brandywinerealty.com
    Officers:
    Gerard H. Sweeney, President/CEO; Jeffrey F. Rogatz, Sr. VP/CFO; H. Jeffrey DeVuono, Sr. VP, Operations; George D. Sowa, Sr. VP, Operations; Barbara L. Yamarick, Sr. VP, Property Management
    Total Office Portfolio: 13.7 million sq. ft.

  18. Lincoln Property Co.
    500 N. Akard, Suite 3300
    Dallas, TX 75201
    Phone: (214) 740-3300
    Fax: (214) 740-3441
    E-mail: leverett@lpsi.com
    Web site: www.lincolnproperty.com
    Officers:
    Mack Pogue, Chairman/CEO; Tim Byrne, President, Residential Division; Bill Duvall, President, Commercial Division
    Total Office Portfolio: 13.4 million sq. ft.

  19. Opus Group
    10350 Bren Rd. W.
    Minneapolis, MN 55343
    Phone: (952) 656-4444
    Fax: (952) 656-4529
    E-mail: carol.quam@opuscorp.com
    Web site: www.opuscorp.com
    Officers:
    Gerald Rauenhorst, Founding Chairman, Opus Corp.; Keith Bednarowski, Chairman, Opus Corp.; Mark Rauenhorst, President/CEO, Opus Corp.; Joe Rauenhorst, President/CEO, Opus East LLC; Neil Rauenhorst, President/CEO, Opus South Corp.; Thomas Roberts, President/CEO, Opus West Corp.; Jack Crocker, President/CEO, Opus North Corp.; John Solberg, President/CEO, Opus Northwest LLC
    Total Office Portfolio: 12.9 million sq. ft.

  20. Jones Lang LaSalle Inc.
    200 E. Randolph Dr.
    Chicago, IL 60601
    Phone: (312) 782-5800
    Fax: (312) 782-4339
    Web site: www.joneslanglasalle.com
    Officers:
    Stuart L. Scott, Chairman/CEO; Christopher A. Peacock, President/Deputy CEO/COO; Earl E. Webb, CEO, Americas; Peyton H. Owen Jr., COO, Americas; Lynn C. Thurber, CEO, LaSalle Investment Management
    Total Office Portfolio: 12.5 million sq. ft.

  21. Heitman
    180 N. LaSalle St.
    Chicago, IL 60601
    Phone: (312) 855-5700
    Fax: (312) 855-5803
    Web site: www.heitman.com
    Officers:
    Jerome J. Claeys, CEO; Maury R. Tognarelli, President; Eric Mayer, Vice Chairman
    Total Office Portfolio: 11.6 million sq. ft.

  22. CMD Realty Investors
    227 W. Monroe St., Suite 3900
    Chicago, IL 60606
    Phone: (312) 726-3121
    Fax: (312) 726-9473
    Web site: www.cmdrealty.com
    Officers:
    Steven Ellenbogen, President/CEO; Richard Schaller, Exec. VP/COO; Hugh Zwieg, Exec. VP/CFO; James Higley, Exec. VP/CAO; Randy Selig, Exec. VP/General Counsel
    Total Office Portfolio: 11 million sq. ft.

  23. Rockefeller Group Development Corp.
    1221 Ave. of the Americas, 29th Floor
    New York, NY 10020
    Phone: (212) 282-2100
    Fax: (212) 282-2120
    Web site: www.rockgroupdevelopment.com
    Officers:
    Jonathan D. Green, President/CEO; Leslie E. Smith Jr., Sr. VP, Development; Stephen R. Carroll, Sr. VP./CFO; Robert C. Jackson, Sr. VP, Finance; Alan L. Stein, Sr. VP, Leasing & Marketing
    Total Office Portfolio: 10.9 million sq. ft.

  24. The Alter Group
    5500 W. Howard
    Skokie, IL 60077
    Phone: (800) 637-4842
    Fax: (847) 676-4301
    E-mail: tag@altergroup.com
    Web site: www.altergroup.com
    Officers:
    William Atler, CEO/Chairman; Michael Atler, President; Richard Gatto, Exec. VP; Randy Thomas, Exec. VP; Ron Siegel, CFO
    Total Office Portfolio: 9.9 million sq. ft.

  25. The Rouse Co.
    10275 Little Patuxent Pkwy.
    Columbia, MD 21044
    Phone: (410) 992-6000
    Fax: (410) 992-6363
    Web site: www.therousecompany.com
    Officers:
    Anthony W. Deering, Chairman/CEO; Douglas A. McGregor, Vice Chairman/COO; Jeffrey H. Donahue, Exec. VP/CFO; Jerome D. Smalley, Exec. VP, Development; Robert Minutoli, Sr. VP, New Business
    Total Office Portfolio: 9.3 million sq. ft.



Top 25 Office Developers

  1. Hines
    2800 Post Oak Blvd.
    Houston, TX 77056-6118
    Phone: (713) 621-8000
    Fax: (713) 966-2053
    Web site: www.hines.com
    Officers:
    Gerald D. Hines, Chairman; Jeffrey C. Hines, President; Louis S. Sklar, Exec. VP; Kenneth W. Hubbard, Exec. VP; C. Kevin Shannahan, Exec. VP; E. Staman Ogilvie, Exec. VP; James C. Buie, Exec. VP; Michael J.G. Topham, Exec. VP; C. Hastings Johnson, Exec. VP/CFO; John A. Harris, Exec. VP; Clayton T. Stone, Exec. VP; Charles Baughn, Exec. VP
    Total Office Space Developed or Under Construction: 29.8 million sq. ft.

  2. Trammell Crow Co.
    2001 Ross Ave., 34th Floor
    Dallas, TX 75201
    Phone: (214) 863-3000
    Fax: (214) 863-3138
    E-mail: lraflowitz@trammellcrow.com
    Web site: www.trammellcrow.com
    Officers:
    Robert E. Sulentic, President/CEO; William F. Concannon, President, Global Services; H. Pryor Blackwell, President, Development & Investment; Derek R. McClain, CFO; James R. Groch, President, E-commerce & Corporate
    Total Office Space Developed or Under Construction: 19.1 million sq. ft.

  3. Opus Group
    10350 Bren Rd. W.
    Minneapolis, MN 55343
    Phone: (952) 656-4444
    Fax: (952) 656-4529
    E-mail: carol.quam@opuscorp.com
    Web site: www.opuscorp.com
    Officers:
    Gerald Rauenhorst, Founding Chairman, Opus Corp.; Keith Bednarowski, Chairman, Opus Corp.; Mark Rauenhorst, President/CEO, Opus Corp.; Joe Rauenhorst, President/CEO, Opus East LLC; Neil Rauenhorst, President/CEO, Opus South Corp.; Thomas Roberts, President/CEO, Opus West Corp.; Jack Crocker, President/CEO, Opus North Corp.; John Solberg, President/CEO, Opus Northwest LLC
    Total Office Space Developed or Under Construction: 12 million sq. ft.

  4. Alliance Cos.
    704 N. Deerpath Dr., Suite 2100
    Vernon Hills, IL 60061
    Phone: (847) 573-9911
    Fax: (847) 573-9815
    E-mail: info@alliance-companies.com
    Web site: www.alliance-companies.com
    Officers:
    Robert Cambo, Director; Bret A. Broaddus, Director; Brian Buell, Director; Steve Freeman, Director; Alan F. Shaw, Director
    Total Office Space Developed or Under Construction: 10 million sq. ft.

  5. CarrAmerica Realty Corp.
    1850 K St. N.W., Suite 500
    Washington, DC 20006
    Phone: (202) 729-7500
    Fax: (202) 729-1150
    Web site: www.carramerica.com
    Officers:
    Thomas A. Carr, Chairman/CEO/President; Philip L. Hawkins, COO; Richard F. Katchuk, CFO; Karen B. Dorigan, Chief Investment Officer; Joel A. Manfredo, Chief Technology Officer
    Total Office Space Developed or Under Construction: 8.9 million sq. ft.

  6. Duke Realty Corp.
    600 E. 96th St., Suite 100
    Indianapolis, IN 46240
    Phone: (317) 808-6000
    Fax: (317) 808-6794
    E-mail: webmaster@dukerealty.com
    Web site: www.dukerealty.com
    Officers:
    Thomas L. Hefner, Chairman/CEO; Richard W. Horn, President; Robert M. Chapman, Exec. VP, Southern Region; William E. Linville III, Exec. VP, Midwest Region; Darell E. Zink Jr., Exec. VP/CFO
    Total Office Space Developed or Under Construction: 7.2 million sq. ft.

  7. Equity Office Properties Trust
    Two N. Riverside Plaza
    Chicago, IL 60606
    Phone: (312) 466-3300
    Fax: (312) 454-0332
    Web site: www.equityoffice.com
    Officers:
    Tim Callahan, President/CEO; Richard Kincaid, Exec. VP/CFO; Stan Stevens, Exec. VP/Chief Legal Counsel; Sybil Ellis, Exec. VP, Real Estate Investments; Dave Naws, Exec. VP, Real Estate Investments; David Helfand, Exec. VP, Business Development
    Total Office Space Developed or Under Construction: 5.2 million sq. ft.

  8. The Alter Group
    5500 W. Howard
    Skokie, IL 60077
    Phone: (800) 637-4842
    Fax: (847) 676-4301
    E-mail: tag@altergroup.com
    Web site: www.altergroup.com
    Officers:
    William Atler, CEO/Chairman; Michael Atler, President; Richard Gatto, Exec. VP; Randy Thomas, Exec. VP; Ron Siegel, CFO
    Total Office Space Developed or Under Construction: 4.7 million sq. ft.

  9. Higgins Development Partners
    101 E. Erie, Suite 800
    Chicago, IL 60611
    Phone: (312) 943-4999
    Fax: (312) 943-4057
    Web site: www.hdpteam.com
    Officers:
    John Higgins, Chairman/CEO; Gerald Pientka, President; Thomas Samuels, Exec. VP; Timothy McEnery, Sr. VP, Finance; Robert McCormick, Sr. VP, Development
    Total Office Space Developed or Under Construction: 4.6 million sq. ft.

  10. WorkPlace USA
    8150 N. Central Expy, Suite 1100
    Dallas, TX 75206
    Phone: (214) 696-6900
    Fax: (214) 696-0037
    E-mail: ed.Ulbricht@wpcompanies.com
    Web site: www.wp-usa.com
    Officers:
    John T. Amend, CEO/President; Jack Scifrick, COO; David Snyder, Sr. VP, Sales; Edward Ulbricht, Sr. VP, Development; Rob Warrick, Sr. VP, Design
    Total Office Space Developed or Under Construction: 4.3 million sq. ft.

  11. Carter & Associates * ONCOR International
    1275 Peachtree St. N.E.
    Atlanta, GA 30309
    Phone: (404) 888-3000
    Fax: (404) 888-3006
    Web site: www.carterusa.com
    Officers:
    William "Billy" A. Mitchell, Chairman/CEO; Tom Senkbeil, President/COO; Bob Peterson, Exec. VP; Phil Stevenson, Exec. VP; Chip Groome, Exec. VP; Trent Germano, Sr. VP; Brad Reese, Sr. VP; Cindy Traylor, Sr. VP/CFO
    Total Office Space Developed or Under Construction: 4.1 million sq. ft.

  12. Lincoln Property Co.
    500 N. Akard, Suite 3300
    Dallas, TX 75201
    Phone: (214) 740-3300
    Fax: (214) 740-3441
    E-mail: leverett@lpsi.com
    Web site: www.lincolnproperty.com
    Officers:
    Mack Pogue, Chairman/CEO; Tim Byrne, President, Residential Division; Bill Duvall, President, Commercial Division
    Total Office Space Developed or Under Construction: 3.5 million sq. ft.

  13. Stiles Corp.
    300 S.E. 2nd St.
    Fort Lauderdale, FL 33301
    Phone: (954) 627-9300
    Fax: (954) 627-9386
    Web site: www.stiles.com
    Officers:
    Terry W. Stiles, Chairman/CEO; Douglas P. Eagon, President; Stephen R. Palmer, COO; Patricia Jones, CFO; James W. Stine, Chief Investment Officer; Thomas R. Kates, President, Stiles Realty Co.
    Total Office Space Developed or Under Construction: 3.4 million sq. ft.

  14. Patrinely Group LLC
    1980 Post Oak Blvd., Suite 1600
    Houston, TX 77056
    Phone: (713) 840-2700
    Fax: (713) 840-2705
    E-mail: cmd@patrinely.com
    Web site: www.patrinelygroup.com
    Officers:
    C. Dean Patrinely, CEO; Leonard J. O'Donnell, CFO; Michael E. Nicholls, COO; Kendrick A. James, Sr. VP
    Total Office Space Developed or Under Construction: 3.3 million sq. ft.

  15. Gale & Wentworth LLC
    200 Campus Dr., Suite 200
    Florham Park, NJ 07932
    Phone: (973) 301-9500
    Fax: (973) 301-9501
    Web site:
    www.galewent.com
    Officers:
    Stanley C. Gale, Chairman/CEO; Mark Yeager, President; Kathleen Wielkopolski, CFO/COO; Eugene R. Diaz, Chief Investment Officer
    Total Office Space Developed or Under Construction: 3 million sq. ft.

  16. Spaulding & Slye Colliers
    255 State St.
    Boston, MA 02109
    Phone: (617) 523-8000
    Fax: (617) 531-4280
    Web site: www.spauldslye.com
    Officers:
    James B. Karman, President/CEO; David A. Neskey, Exec. VP/CFO; Polly B. Bryson, Principal; W. David McGarry, Principal; Peter A. Bailey, Principal
    Total Office Space Developed or Under Construction: 3 million sq. ft.

  17. Miller Global Properties
    4643 S. Ulster St., Suite 1500
    Denver, CO 80237
    Phone: (303) 733-0369
    Fax: (303) 694-0082
    Officers:
    Micky Miller, Chairman; Jim Miller, President; Greg Pohle, Exec. VP; Paul Hogan, Exec. VP; Don Spiegleman, Exec. VP
    Total Office Space Developed or Under Construction: 2.9 million sq. ft.

  18. Koll Development Co.
    4343 Von Karman Ave.
    Newport Beach, CA 92660
    Phone: (949) 833-3030
    Fax: (949) 975-0136
    Web site: www.koll.com
    Officers:
    Steven Van Amburgh, CEO; Tobin Grove, Division President; J.R. Pearce, Exec. VP, Development; Stephen Muller, Sr. VP/Controller; Walter Mounttoro, Exec. VP, Development
    Total Office Space Developed or Under Construction: 2.8 million sq. ft.

  19. Reckson Associates Realty Corp.
    225 Broadhollow Rd.
    Melville, NY 11747
    Phone: (631) 694-6900
    Fax: (631) 622-6790
    Web site: www.reckson.com
    Officers:
    Donald Rechler, Chairman/Co-CEO; Scott Rechler, Co-CEO; Michael Maturo, CFO/Exec. VP/Treasurer; Gregg Rechler, Co-President/COO; Mitchell Rechler, Co-President/Chief Administrative Officer
    Total Office Space Developed or Under Construction: 2.6 million sq. ft.

  20. Ryan Cos. US Inc.
    900 Second Ave. S., Suite 700
    Minneapolis, MN 55402
    Phone: (612) 336-1200
    Fax: (612) 337-5552
    Web site: www.ryancompanies.com
    Officers:
    James R. Ryan, CEO; Patrick G. Ryan, President; Timothy M. Gray, CFO
    Total Office Space Developed or Under Construction: 2.4 million sq. ft.

  21. Mack-Cali Realty Corp.
    11 Commerce Dr.
    Cranford, NJ 07016
    Phone: (908) 272-8000
    Fax: (908) 272-6755
    E-mail: mack-cali@mack-cali.com
    Web site: www.mack-cali.com
    Officers:
    Mitchell E. Hersh, CEO; Timothy Jones, President; Barry Lefkowitz, Exec. VP/CFO; Roger Thomas, Exec. VP/General Counsel/Secretary; Michael Grossman, Exec. VP
    Total Office Space Developed or Under Construction: 2.29 million sq. ft.

  22. U.S. Equities Realty LLC
    20 N. Michigan Ave.
    Chicago, IL 60602
    Phone: (312) 456-7000
    Fax: (312) 456-0056
    E-mail: info@usequities.com
    Web site: www.usequities.com
    Officers:
    Robert A. Wislow, Chairman/CEO; Camille P. Julmy, Vice Chairman; Nancy A. Pacher, President/COO; John A. Garbossa, Exec. VP; Katherine K. Scott, Exec. VP
    Total Office Space Developed or Under Construction: 2.27 million sq. ft.

  23. ORIX Real Estate Equities Inc.
    100 N. Riverside Plaza, Suite 1400
    Chicago, IL 60601
    Phone: (312) 669-6400
    Fax: (312) 669-6464
    Web site: www.orixre.com
    Officers:
    James H. Purinton, President/CEO; Michael McCullough, Sr. Exec. VP, Development; Edward Rowe, Exec. VP, Acquisitions & Sales; Jeff Plack, Exec. VP/CAO; Kurt Pairitz, Sr. VP, Construction
    Total Office Space Developed or Under Construction: 2.26 million sq. ft.

  24. Hillwood
    12377 Merit Dr., Suite 1700
    Dallas, TX 75251
    Phone: (972) 788-3000
    Fax: (972) 383-1639
    Web site: www.hillwood.com
    Officers:
    Ross Perot Jr., Chairman; Rick Patterson, CEO
    Total Office Space Developed or Under Construction: 2.2 million sq. ft.

  25. Legacy Partners Commercial Inc.
    4000 E. Third Ave., Suite 600
    Foster City, CA 94404
    Phone: (650) 571-2200
    Fax: (650) 571-2211
    E-mail: info@legacypartners.com
    Web site: www.legacypartners.com
    Officers:
    Barry Diraimondo, President; John Greer, Regional President, Northern Region; John Miller, Regional President, Southern Region Total Office Space Developed or Under Construction: 2.2 million sq. ft.